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PAG also hires new vice president
Agreement on the EU package could run to December, senior lawyer told conference
Octopus Electric Vehicles has also added to its capital markets team
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Ireland’s Financial Regulator has ordered Bank of Ireland, Allied Irish Banks, Permanent TSB and Educational Building Society to book their expected losses, according to a government memo to the International Monetary Fund.
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Bret Ackerman, former head of residential mortgage-backed securities trading at StormHarbour Securities, has joined New York-based broker-dealer Odeon Capital Group as a senior v.p.
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Agency mortgage trader Perrin Arturi has left UBS for a new post at the Royal Bank of Scotland, where he is a managing director reporting to Brian Song, head of agency pass-through securities. Arturi started earlier this month and will focus on 15-year mortgage securities. He declined to comment on the move.
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An underlying loan in Deutsche Bank’s European commercial mortgage-backed deal, Cornerstone Titan 2007-1, has been placed into special servicing after the borrowers for the fourth consecutive time failed to pay required instalments.
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NIBC is keeping securitization in its future funding arsenal—even as it plots out a temperate role in the market.
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Investors in asset-backed securities are battling for allocations and having to look off the run and further down the road to get what they want. A dearth of new issue ABS is pushing investors to esoteric ABS, longer-dated or subordinated paper as the best ways to get their fill, buysiders and bankers said.
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Securitization veteran Bill King is rumored to be on his way to UBS to take a senior role in the bank’s North American investment banking group. Officials at UBS could not confirm the potential hire. King did not return repeated calls.
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Yorkshire Building Society, a U.K.-based thrift, is set to launch its first foray into the residential mortgage-backed market with a new deal called Brass No. 1.
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Investec, the South African bank, says it saw its costs related to bad Irish debt nearly double to £97 million ($157.4 million) in 2010.